为缓解韩元贬值压力，韩国最大养老基金缩减海外投资规模

Core Insights - The National Pension Service (NPS) of South Korea is significantly reducing its overseas investment targets while increasing support for domestic assets, primarily to address currency volatility and leverage the strong performance of the Korean stock market [1][2]. Group 1: Asset Allocation Strategy - NPS plans to lower its overseas stock investment target from 38.9% to 37.2% by 2026, while raising its domestic stock allocation from 14.4% to 14.9%, resulting in a reduction of approximately $20 billion in overseas stock holdings compared to previous plans [1][3]. - The adjustment reflects a strategic shift to retain more domestic assets, with NPS not planning to sell domestic stocks or increase overseas stock purchases [3]. Group 2: Market Conditions and Responses - The Korean stock market, particularly the Kospi index, has surged over 95% in the past year due to increased demand for artificial intelligence and semiconductors, leading to a risk of forced selling to maintain asset allocation ratios [2][4]. - NPS's domestic stock risk exposure reached 17.9% as of last October, exceeding the set target and nearing the upper limit of strategic flexibility [4]. Group 3: Regulatory and Market Stability Measures - The Bank of Korea is closely monitoring NPS's asset allocation changes and foreign exchange hedging strategies to stabilize the foreign exchange market [4]. - NPS has decided to temporarily suspend rebalancing operations to avoid negative impacts on the local stock and foreign exchange markets, allowing for some deviation from asset allocation targets to maintain overall market stability [5].